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An ABLE account is a tax-advantaged savings account for individuals with disabilities that began before age 26 (expanded to age 46 under the ABLE Age Adjustment Act of 2025). ABLE accounts allow people with disabilities to save up to $18,000 per year (2024 limit, indexed to inflation) without losing eligibility for means-tested benefits like Medicaid and SSI. Funds can be used for qualified disability expenses including education, housing, transportation, health care, assistive technology, personal support services, and basic living expenses. The first $100,000 in an ABLE account is excluded from the SSI $2,000 resource limit. ABLE accounts are administered by states, and most states allow out-of-state residents to open accounts. Investment growth is tax-free when used for qualified expenses.
ABLE accounts let families save for disability expenses without jeopardizing waiver eligibility. Every family navigating waivers should know about ABLE as a financial planning tool.